The M&A Market in Italy in the First Half of 2025
Over 30 billion euros in the M&A market in Italy
In the first six months of the year, approximately 664 M&A deals were closed, with a total value of around 30 billion euros.
The data in terms of value confirm those recorded in 2024: in the first half of last year, with a higher number of deals closed (768 deals), there was a total value of around 32 billion euros.
From the data reported, it emerges that in 2025 the average value per deal was higher than in 2024 (45.2 million euros per deal in the first half of 2025 vs. 41.7 million euros in the first half of 2024).
The Main Sectors Involved in M&A Deals in 1Q2025
Among the most interesting sectors in Italy in the first half of 2025 are Consumer & Industrial Markets with 12 billion euros, Energy & Utilities with 8.2 billion euros, and Financial Services with 6.4 billion euros.
Overall, these three sectors represent about 89% of the total value (26.6 billion euros out of 30 billion
Average Deal Value in 2025 Driven by 10 M&A Deals
The average value recorded in the first half of 2025 was driven by 10 deals that exceeded one billion euros and represented 65% of the total value.
In particular, in the second quarter, the American fund Apollo acquired 100% of the Gaming & Digital business of IGT (DeAgostini Group) for a total amount of about 3.6 billion euros. Also in the entertainment sector, Gamma Intermediate (a vehicle of the Apollo Private Equity fund) initiated an ABB (accelerated bookbuilding procedure) to sell its 21.3% stake in Lottomatica for a total value of 1.2 billion euros. In the Energy & Utilities sector, Italgas acquired 2iRete Gas for a total value of 2.07 billion euros. In the Financial Services sector, Banco BPM Vita made a public offer to acquire Anima Holding, acquiring 67.98% for an investment of 1.54 billion euros. UniCredit exercised its options to purchase the remaining 50% of UniCredit Allianz Vita S.p.A. and 51% of CNP UniCredit Vita S.p.A. for a total consideration of about 1.4 billion euros.
Global M&A Trends
Globally, in the first months of 2025, the volume of deals (number of deals) decreased by 9% (-14% in Italy). The average value per deal increased by 13%, thanks to deals exceeding one billion dollars (+18%) and five billion dollars (+25%) [Source: PwC Global & Italian M&A trends].
Sectors such as aerospace & defense, chemicals, wealth management, and utilities saw growth in transaction volumes and values. Conversely, consumer goods, pharmaceuticals, automotive, and industrial goods showed significant declines.
Micro-Pills and Definitions in Corporate Finance
Below are some terms often used by advisors and parties involved in M&A and Valuation operations, such as “Enterprise Value“, “Equity Value” and “Net Financial Position”.
What is the Difference Between Enterprise Value and Equity Value?
Enterprise Value: According to Borsa Italiana, it represents the value of the company, which can be seen as the total cost to acquire the entire company.
The company’s value (EV) should be equal to the market value of debt and equity.
Equity Value: It represents the value of the company or equity, on which the share percentages of individual shareholders (the so-called cap table) are determined. To calculate Equity Value, you start from Enterprise Value and subtract (or add) the company’s net financial position. Generally, a positive net financial position (+) indicates that debts exceed liquidity (a “net debt”), signaling a reduction in Equity Value compared to Enterprise Value. Conversely, a negative financial position (-) means that liquidity exceeds debts (a “net financial asset”), signaling an increase in Equity Value compared to Enterprise Value.
Posizione Finanziaria Netta: It is calculated as the difference between the total financial debts of the company, both short and medium-long term, and liquid assets (such as cash, active current accounts, marketable securities, and financial receivables). It expresses the amount of financial debts net of assets that could be liquidated and used immediately for repayment; therefore, it provides a measure to calculate the company’s net debt and a significant indicator to assess the financial solidity and the company’s ability to meet its financial obligations.
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